The Riyadh Municipality of Saudi Arabia announced the launching of the Expression of Interest (EOI) phase for the Car Park Construction and Management Project in Riyadh.
The project will be located in Al Olaya district, between Urubah Road to the North, Makkah Al Mukarramah Road to the South, Olaya Road to the East and King Fahd Road to the West.
The Riyadh Municipality stated that the project will be developed in partnership with the private sector under a profit sharing BOT model (build – operate – transfer).
The total number of parking spaces in the project will be approximately 6,703 parking spaces; approximately 4,174 on street parking and 2,529 off-street parking spaces to constructed within multistory car park buildings on 13 plots of different sizes in the specified area. It is worth noting that 25% of the multistory parking buildings has been allocated for commercial use.
The initiative aims to address traffic congestion effects, reduce levels of environmental pollution, maintain public appearance and activate smart cities initiatives; thus raising the quality of municipal services, and contributing to the goals of the Kingdom’s Vision 2030.
The Car Park Construction and Management Project is considered the first privatization project to be launched in the municipal sector under the Privatization Program.
Interested investors should submit their EOI by Monday August 3, 2020.
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